How Your Business Can Generate More Revenue with Outsourced Virtual CFO Services

| January 17, 2023 | By
How Your Business Can Generate More Revenue with Outsourced Virtual CFO Services

Implement data tracking.

An invoice here, a receipt there ... Wouldn’t it be helpful to put all key information in one place instead of playing “find the document?” Virtual CFO services help get your house in order by centralizing data, so your team knows where and how to access it.

According to a survey, businesses get an average of six duplicate invoices a month—adding up to $12,000! But your CFO can reduce the clutter, taking steps to track invoices to reduce duplicate payments, errors, and missed payments.


Identify cost-cutting opportunities.

Between salaries, benefits, overhead, bills, and more, you know better than most that running a business is expensive. So when you can prune dollars, every little bit helps. The key is to do it intelligently, and financial experts know how to cut costs without adverse effects on your business. 


Manage cash flow, budgeting, and forecasting.

If you haven’t guessed by now, data is a CFO’s best friend. That’s why virtual CFO services use data and projections to help inform your business’s decisions surrounding spending and achieving its goals. As part of this process, your CFO uses forecasting to predict what could happen in the future in combination with solidifying your budget, so they can keep their eyes on your performance.

Red flags along the way? Not a problem. Your CFO knows tried-and-true strategies to weather the storm. They can recognize when and how to cut costs so your business can dodge cash flow problems. Of course, not all cuts are welcome by everyone. Virtual CFO services can manage compliance with local and federal employment laws if cuts require downsizing and layoffs. Still, your CFO has your back, so trust them to implement measures to reduce expenses effectively and help you make money.


Leverage technology for smoother operations.

Your business has to operate like a well-oiled machine—otherwise, you’ll waste money. A CFO can help by analyzing your operational processes and how much they cost the business each month. Manual processes slow you down, taking your productivity and efficiency with them, but the right tools can make all the difference. 


Implement key technologies. 

Technology helps your business streamline tasks, improve efficiency, and operate leaner. Your CFO can work with you to find the right tools for day-to-day operations, such as communication or project management tools to help your team perform key tasks cost-effectively, but they’ll also implement cloud computing and accounting software to simplify accounting processes. As remote-first experts, virtual CFO services know their tech—so you can not only trust their recommendations but also look forward to working with them via digital collaboration tools and apps.


Develop new financial strategies

If you can’t seem to figure out how to get from point A to point B, your business might need to change course. Virtual CFO services can provide insights and guidance on managing and allocating funds, giving you the tools to thrive. 


Create growth strategies.

You probably don’t want your business to be stuck in limbo forever, but you might need guidance on how to move forward. Virtual CFO services help you pursue growth opportunities by using what they know best: numbers. Your assigned CFO will conduct variable and fixed expense reporting to identify opportunities to spend in ways that further your business goals. As an outsider, a virtual CFO is perfectly positioned to take calculated risks because they’re objective and can create strategies based on your capabilities and resources—not their interest in your company. 


Grow more with virtual CFO services.

Growth certainly doesn’t happen overnight—it takes time and effort. But everything your virtual CFO does for your business—from taking stock of key data and cutting costs to setting up the right technologies—is designed to maximize your revenue potential. 

Think you need a hand getting to the next level? Identify where your business could improve and explore Ignite Spot’s virtual CFO services to see how we can help! 

Strategic growth opportunities should be available regardless of your company’s size.